Annaly Capital Management updates from MorningstarWe are no longer providing equity research on Annaly Capital Management NLY. We provide broad coverage of more than 1,700 companies across more than 140 industries and adjust our coverage as necessary based on client demand and investor interest.We are placing Annaly Capital Management NLY under review as we reassess our long-term assumptions in light of the firm's exposure to short-term repo funding and the continued deterioration in the credit markets.On July 13, Annaly Capital Management NLY announced a 47 million share common stock offering to invest its anticipated $658 million of proceeds in mortgage-backed securities. We are leaving our fair value unchanged for now, as we had expected Annaly to raise capital from time to time as it looks to ...As we cited in a recent note , the year ahead will be difficult for mortgage REITs, which are struggling in the face of a tough credit environment and weakening commercial and residential real estate markets. Although Annaly Capital Management NLY is not immune to this turmoil, the firm has held ...Annaly Capital Management NLY, the long-standing agency residential mortgage real estate investment trust, reported second-quarter earnings that were in line with our forecasts. The company earned $0.59 per diluted share, of which $0.55 was distributed to shareholders as a dividend payment. A more ...Annaly Capital Management NLY reported strong first-quarter results Wednesday that exemplified the benefits of the firm's operating model in this tight credit environment. Earnings soared to $0.54 per share, nearly double the level achieved in the prior-year quarter, primarily related to a lower ...Annaly Capital Management's NLY third-quarter results show that the firm has the wind at its back. Earnings per share jumped 57% from the year-ago quarter, to $0.33 per share. Annaly is benefiting from two factors. First, the firm avoids the credit issues engulfing some of its competitors, as ...Annaly Capital Management NLY reported solid first-quarter results; we are maintaining our fair value estimate. Earnings of $0.28 per share were up 22% from the year-ago quarter. Annaly continues to be challenged by the unfavorable interest rate environment, as it uses short-term repurchase ...On Wednesday, Annaly Capital Management NLY reported core earnings of $364.5 million or $0.66 per share for the second quarter, a 10% increase from the second quarter of 2008. At 17%, annualized returns on equity were quite good and in line with recent experience, allowing the firm to declare a ...For better or worse, change has been slow at Annaly Capital Management NLY, but we believe there is a light at the end of the tunnel. The current unfavorable interest rate environment continues to hinder the firm's profitability. Although net interest margins in the fourth quarter of 2006 amounted ...